Space infrastructure firm Redwire announced a good second-quarter results, significantly narrowing its net losses while simultaneously expanding its contract backlog. The company achieved a second-quarter revenue of $60.1 million, marking a substantial 64% surge compared to the same period the previous year. Furthermore, Redwire’s backlog of contracted orders experienced remarkable growth, surging by nearly 70% year over year, reaching $272.8 million from $162.1 million in the preceding year.
The company successfully curtailed its net loss to $5.5 million, an impressive 93% reduction from the $77 million loss reported in the corresponding quarter of the prior year. Redwire’s Chief Financial Officer, Jonathan Baliff, noted the company’s exceptional progress in both commercial and operational aspects, leading to record financial performance in Q2 2023.
Following the announcement, Redwire’s stock demonstrated a positive trajectory in after-hours trading, experiencing an 8% increase from its closing price of $3.43 per share. Over the course of the year, Redwire’s shares have surged by over 70%.
Redwire’s commendable financial performance underscores its strategic advancements and growing market presence, positioning the company for continued growth in the dynamic space industry.